Former Volkswagen CEO Martin Winterkorn is stepping down as head of Porsche, which technically controls a majority in the German automaker.
Volkswagen said Thursday it will recall about 8.5 million vehicles in Europe.
Volkswagen said it would recall around 8.5 million diesel-engine cars in the European Union.
The man Volkswagen lined up less than three weeks ago to head its North American business resigned on Wednesday.
European equities ended in the red on Wednesday, as investors failed to shake off concerns over the economic slowdown in China.
European stocks closed in the red on Tuesday as investors failed to shake off fresh concerns of a slowdown in China's economy.
Leonardo DiCaprio is keen to take the drama unfolding around Volkswagen's emissions scandal to the silver screen, according to reports.
One CEO beat out Starbucks' Howard Schultz, Nike's Mark Parker and Salesforce.com's Marc Benioff in new performance rankings.
VW's factory employs about 72,000 in a city with just 120,000 inhabitants, while the plant makes 840,000 cars a year, the FT reports.
Tell us which sector in Europe you think has the swagger* to capitalize on a risk-on attitude.
Ferrari will pull into some of the world's wealthiest pit stops on an IPO roadshow aimed at securing a market valuation of $10B. the FT reports.
Winterkorn fostered a climate of fear, an authoritarianism that went unchecked partly due to a company structure unique among German carmakers.
Ferrari expects its U.S. IPO to be priced in a range of between $48 and $52 per share, which could value the company at up to $9.8 billion.
European stocks finished higher on Friday, after global stocks and oil prices rose following dovish minutes from the U.S. Federal Reserve, easing investor interest rate fears.
VW is not alone in promoting a corporate culture of cheating. Here's how the industry needs to change, Daron Gifford.
Roughly 3.6 million VW cars in Europe with 1.6- liter engines need hardware changes in the wake of the company's emissions scandal.
Volkswagen America CEO Michael Horn apologizes on Capitol Hill and says VW is "determined to make things right."
European stocks attempted to end Thursday on a high, as investors shook off global market woes and steered their focus towards the oil price rally.
German prosecutors carried out searches for material that would help clarify who was responsible for emissions cheating.
Volkswagen has warned it would take time to investigate its rigging of emissions tests, hours before it is due to give updates on its findings.